PRESS RELEASE. GE Shipping Q1FY14 consolidated Net Profit at Rs crs

Transcription

1 PRESS RELEASE GE Shipping Q1FY14 consolidated Net Profit at Rs crs The Board of Directors of The Great Eastern Shipping Company Ltd. (G E Shipping) today approved the Unaudited Results (Provisional) for the first quarter of FY , ended 30 th June KEY HIGHLIGHTS: Standalone Consolidated Q1FY'14 Q1FY'13 (Amount in Rs. crs) Q1FY'14 Q1FY'13 Income Statement Revenue (including other income) EBITDA (including other income) Net Profit Balance Sheet Total Assets Equity Total Debt (Gross) Long Term Debt (Net of Cash) Cash Flow From operating activities (164.69) From investing activities (124.41) (196.10) (130.47) From financing activities (351.82) (198.63) (232.35) Net cash inflow/(outflow) (151.78) Key financial figures 53.98% 43.39% EBITDA Margin (%) 56.99% 47.18% 11.32% 7.86% Return on Equity (ROE) (%) 15.04% 11.88% 9.06% 7.72% Return on Capital Employed (ROCE) (%) 10.08% 9.54% Gross Debt/Equity Ratio (x) Net Debt/Equity Ratio (x) Exchange rate USD/INR, average (Rs) Exchange rate USD/INR, end of period (Rs) Share related figures Earnings per share, EPS (Rs) Diluted earnings per share (Rs) Cash Profit per share (Rs)

2 The Board of Directors, in their meeting today, approved a buyback of equity shares of the Company. The total amount outlined for the buyback is Rs. 279 crores at a price not exceeding Rs. 279 per share. Performance Review of Q1 FY : Break up of Revenue days (Shipping): Revenue Days Q1 FY14 Q1 FY13 Owned Tonnage 2,691 2,918 Inchartered Tonnage Total Revenue Days 2,718 3,150 Total Owned Tonnage (mn.dwt) Average TCY s earned in various categories: Average (TCY $ per day) Q1 FY14 Q1 FY13 % Chg Crude Carriers 16,132 19,302 (16)% Product Carriers (Incl. Gas) 18,825 13,770 37% Dry Bulk 10,289 11,076 (7)% FLEET DEVELOPMENT: Sale & Purchase Activities during Q1 FY : During the quarter: - The Company delivered its 1988 built General Purpose (GP) product carrier Jag Parwar to the buyers. - The Company contracted to sell its 1999 built Aframax crude carrier Jag Leela with delivery in Q1FY14. - The Company sold and delivered its 1997 built Handymax dry bulk carrier Jag Ravi to the buyers. - The Company contracted to buy a 2004 built Medium Range (MR) (about 47,000 dwt) product tanker with delivery in Q2FY14. - The Company sold and delivered its 1981 built General Purpose (GP) product carrier Jag Preeti to the buyers.

3 Subsequent to the quarter: - The Company delivered its 1999 built Aframax crude carrier carrier Jag Leela to the buyers. - The Company contracted to buy a 1994 built Very Large Gas Carrier (about 49,300 dwt) with delivery in H1FY The Company placed an order for 2 new building Kamsarmax dry bulk carriers (about 81,600 dwt). Both the vessels are expected to join the fleet during H1FY16. - The Company contracted to buy a 2005 built Medium Range (MR) (about 51,300 dwt) product tanker with delivery in Q2FY14. FLEET PROFILE: as on date Categories No. of ships Avg age (years) Crude Carriers Product Carriers Gas Carriers TANKERS TOTAL Capesize Kamsarmax Supramax DRY BULK TOTAL TOTAL FLEET (2.32 mn dwt) REVENUE VISIBILITY: The revenue visibility for the balance part of FY is around Rs.305 crores. Crude tankers and product carriers (incl. Gas) are covered to the extent of around 45% and 63% of their operating days respectively. In case of dry bulk carriers, they are covered to the extent of around 24% of the fleet s operating days.

4 DEVELOPMENTS IN THE SUBSIDIARIES: Greatship (India) Limited (GIL): GIL and its subsidiaries currently own and operate assets in the following categories. Categories No. of assets Offshore Logistics -Platform Supply Vessels (PSV) 4 - Anchor Handling Tug cum Supply Vessels (AHTSV) 9 - Multipurpose Platform Supply and Support Vessels (MPSSV) 2 - Platform/ ROV Support Vessels (ROVSV) 6 Drilling Services -350 ft Jackup Rigs 3 Total 24 Break up of Revenue Days (Offshore) Revenue Days Q1FY14 Q1FY13 Offshore Logistics 1,764 1,449 Drilling Services Total 2,035 1,603 REVENUE VISIBILITY: The revenue visibility for the balance part of FY is around Rs.998 crores. PSVs and AHTSVs are covered to the extent of around 67% and 85% of their operating days respectively. ROVSVs and MPSSVs have coverage of around 79% and 72% for the balance part of FY2014. In case of Jackup rigs, they are covered to the extent of 93% of the operating days. Place: Mumbai Date: 8 th August, Visit us at For further details, please us at corp_comm@greatship.com Q1 FY14 Earnings Call scheduled at 10:30 am (IST) on Monday, 12 th August To participate, kindly dial (+91)

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